After recently settling with the state of Missouri over a casino license issue, Pinnacle Entertainment announced that it was canceling plans to expand its L’Auberge du Lac casino complex near Lake Charles, Louisiana. The project, named Sugarcane Bay, carried an estimated cost of US$305 million and would have included a new riverboat casino to go alongside the land-locked L’Auberge resort.
Instead, the company announced that it would focus on its other Louisiana properties, including its Boomtown casino in Shreveport. Pinnacle also announced that it would continue with plans to develop a casino resort complex in Baton Rouge, which would include more than a thousand slot machines, fifty table games and more than a hundred hotel rooms.
A spokesman for Pinnacle Chief Executive Officer Anthony Sanfilippo said that the decision was part of the company’s new policy of “disciplined capital spending and expansion”. Mr. Sanfilippo took over as Pinnacle CEO in March and replaced interim CEO John Giovenco, who in turn replaced Daniel Lee after Mr. Lee resigned his position last November. Mr. Lee also engaged in a heated argument with St. Louis County officials over a proposed new casino in the area.
Recent decreases in revenue, including a dismal fourth quarter report, may have led to the decision to halt the Sugarcane Bay project. The company reportedly lost more than US$240 million in 4Q09 and announced that they would trim costs to make up for the revenue shortfalls. Although the company’s stock closed lower after the news, industry experts expect it to pick up value as executives focus on more conservative growth estimates.
The cancellation of the Sugarcane Bay project is the latest symptom of the overall decline in the gaming industry since the economic downturn started in late 2008. Shares of Togel Singapore casino giants Harrah’s Entertainment, MGM Mirage and Wynn Resorts have all suffered major losses in the last eighteen months. Las Vegas, long considered the mecca of legalized gambling, has an unemployment rate at nearly fourteen percent.
Day 2a field at wsop concludes at 1359 players
The $10,000 buy-in main event preliminary heats at the 41st World Series of Poker in Las Vegas continued to steadily whittle down the Day 1 entry fields Friday afternoon as the first of the Day 2 heats started out. 2,412 survivors from Days 1a and 1c were headed in the chip counts by Corwin Cole (228,000) as cards hit the air in the next stage of event 57, the main event No-Limit Hold’em Championship competition.
Still in the field were double Main Event champion Johnny Chan; the $50,000 Players’ Champion, Michael Mizrachi and top caliber players like Barny Boatman, Sammy Farha, Carter Phillips, and Hoyt Corkins.
Multiple WSOP bracelet holder Jesper Hougaard, and internet high stakes cash game specialists Patrik Antonius and Cole South were also on the table lists.
By the time play reached 4 levels over a thousand of the entrants had been eliminated, including Dennis Phillips, Matt Glantz, Lee Markholt, Greg Mueller, Brock Parker, James Akenhead, Marcel Luske, Rob Hollink and David Bach.
Other high profile casualties included Carlos Mortensen, Berry Johnston, Tom McEvoy and Bobby Baldwin, along with 2010 bracelet winners Dutch Boyd and Daniel Alaei.
At level 8 tournament officials called for the chips to be bagged as Day 2a was concluded, with 1,359 players ready to go through to Day 3 and Boulos Estafanous in the lead on 344,100, closely pursued by Randy Dorfman on 337,000.
With Day 2b up next, competition for the winner’s prize of $8,944,138 is still wide open.